Insurance industry records steady growth

TANZANIA’S insurance market registered a steady growth over the last 10 years, reflecting 300 per cent increase in premium income from 34.5bn/- in 1997 to 115.4bn/- last year.

The Commissioner of Insurance, Mr Israel Kamuzora, said following the enactment of the Insurance Act of 1996, that liberalized the industry, local and foreign private players were allowed in the country.

He said insurance companies grew from two to 17, includin g one re-insurance firm, while brokers rose to 58 from one.

Insurance industry records steady growth

JOHN KULEKANADaily News; Friday,August 03, 2007 @00:04

TANZANIA’S insurance market registered a steady growth over the last 10 years, reflecting 300 per cent increase in premium income from 34.5bn/- in 1997 to 115.4bn/- last year.The Commissioner of Insurance, Mr Israel Kamuzora, said following the enactment of the Insurance Act of 1996, that liberalized the industry, local and foreign private players were allowed in the country.

He said insurance companies grew from two to 17, includin g one re-insurance firm, while brokers rose to 58 from one.

There are around 400 insurance agents operating in the market at present, Mr Kamuzora told the ‘Daily News’ in an
interview.

“The contribution of the industry to the economy had also been satisfactory during the last decade,” he said.

Mr Kamuzora said the ratio of gross premium to gross domestic product (GDP) is currently at 1.0 per cent, which
compares favourably well with other sectors of the economy such as mining which is at 2.3 per cent.

“Our projects are that the contribution of insurance to GDP will double by the end of 2009,” he said.